Samsung Electronics Chairman Lee Jae-yong has visited the headquarters of China's electric vehicle juggernaut, BYD, following his tour of Xiaomi Technology's EV factory in China.
Lee traveled from Beijing to Shenzhen on Monday to meet with BYD Chairman Wang Chuanfu, according to industry sources on Tuesday.
This marks the Samsung chief’s first visit to BYD’s headquarters in seven years since his last trip in May 2018.
BYD overtook Tesla last year to become the world's largest EV company. The company has also expanded its global market reach, officially entering Korea in January.
Industry experts speculate that Lee, who is in China for the China Development Forum, is actively exploring new collaboration opportunities in the vehicle components sector by engaging with leading EV manufacturers there.
Potential areas of cooperation include various automotive components produced by Samsung Electronics, multilayer ceramic capacitors from Samsung Electro-Mechanics, digital cockpits from Harman and OLED displays for vehicles from Samsung Display.
Additionally, Shenzhen, where BYD is headquartered, is often called China’s Silicon Valley. The city is home to major Chinese tech giants such as Huawei, Alibaba and Unitree Robotics, the robotics company that recently gained attention for its dancing robots.
Before he visited BYD, Lee also toured Xiaomi's EV factory in Beijing and met with company Chairman Lei Jun.
The IT industry speculates that their discussions likely centered around potential collaborations in semiconductors, automotive electronics and other business areas.
Xiaomi made its debut in the EV market last year with the launch of its SU7 model, achieving sales of over 130,000 units. The company has set an ambitious target of selling 350,000 units this year, solidifying its presence in the EV sector.
Samsung chief’s visit to China follows his recent emphasis on the “do-or-die” mindset in corporate management. His active overseas engagement is seen as a strategic move amid an increasingly competitive business landscape.
Meanwhile, industry observers predict that Lee is highly likely to participate in an upcoming meeting of global CEOs hosted by Chinese President Xi Jinping on Friday.
By Jie Ye-eun (yeeun@heraldcorp.com)
